Market Trends of Connected Drug Delivery Devices Industry
Homecare Segment is Estimated to Register a Significant Growth Rate Over the Forecast Period
The home care segment is estimated to register a significant growth rate over the forecast period due to the increasing cases of cardiovascular diseases (CVDs), diabetes, chronic obstructive pulmonary disease (COPD), and other chronic diseases, which require proper maintenance of health records. Moreover, the rising innovations in connected drug delivery devices are also expected to boost segment growth.
The increasing prevalence of diabetes coupled with the rising geriatric population is a major factor driving the segment growth, as older people mainly need their treatment to be done at home. For instance, according to the data published by the International Diabetes Federation (IDF) in 2022, it has been estimated that 62% of all new type one diabetes cases around the world in 2022 were in people aged 20 years or older. Furthermore, according to the data published by the same source in 2021, an estimated 24 million people were living with diabetes in Africa in 2021, 61 million in Europe, 73 million in the Middle East and North Africa, and 90 million in South-East Asia.
Furthermore, according to an article published by the King's Fund in November 2022, it is speculated that cardiovascular diseases (CVD) include some of the most widely prevalent diseases in England such as heart disease and stroke, it remains a leading cause of morbidity, disability and mortality, and a key driver of health inequalities, with significant costs to the health system and the economy. The source also stated that the early indications are that CVD and diabetes are the major contributors to the rise in excess deaths in England and Wales since April 2022. Thus, the rising burden of CVDs and diabetes around the world is expected to increase the usage of connected drug-delivery devices in home settings.
Therefore, the abovementioned factors such as the rising prevalence of chronic diseases around the world and the increasing research for the treatment of these diseases are expected to increase the segment growth.
North America is Expected to Hold a Significant Share in the Connected Drug Delivery Devices Market Over the Forecast Period
North America is anticipated to be a significantly large market for connected drug delivery devices owing to the rising incidence rate of chronic diseases as well as the presence of a huge target population base.
According to a report published by the Asthma and Allergy Foundation of America (AAFA) in 2022, it is estimated that around 25 million people living in the United States have asthma, and factors such as sex, race, ethnicity, and socioeconomic status are associated with asthma, with the disease being more common in males than females in childhood. Thus, the high burden of asthma in the United States is expected to boost the adoption of connected drug-delivery devices.
Similarly, according to the data updated by CDC in October 2022, COPD refers to a group of diseases that can cause airflow blockage and breathing-related problems and it is estimated that COPD affects more than 15 million Americans every year. Thus, the high prevalence of COPD in the United States is also expected to boost market growth.
Moreover, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population. Thus, as the geriatric population is more prone to chronic diseases, the rising geriatric population is expected to rise the demand for connected drug delivery devices, thereby driving the market's growth in the region.
Therefore, the abovementioned factors such as the rising prevalence of chronic diseases and the increasing geriatric population are expected to increase the market's growth in the region.
